Raleigh, Nov. 27—Failure of negotiations in the Ivanhoe Cotton Mill’s failure by which the stockholders’ creditors who had drawn such fancy salaries as officers and were due so much money, would have forfeited their claims and taken over the mill, is about to be written.
The referee in bankruptcy was to have all the claimants with him tomorrow for what appeared to be final action, certainly final as indicating what would be the course of the mill officials. Referee Joe Cheshire had the interested parties together sundry times. The last time they met it seemed reasonably certain that the innocent stockholders would get their money out and the old operators of the corporation would get the mill. But that does not appear even half way certain now.
Failure to get together tomorrow will postpone the meeting several days, but the negotiations appear to have failed. There is about $800,000 tied up in the failure.
--Greensboro Daily News
From the front page of the Smithfield Herald, Tuesday, Dec. 1, 1925 newspapers.digitalnc.org/lccn/sn92073982/1925-12-01/ed-1/seq-1/
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